National Credit Act, 2005 (Act No. 34 of 2005)RegulationsNational Credit Regulations, 2006Chapter 5 : Interest and FeesPart A : Interpretation39. Definitions |
In this Chapter—
| (1) | "Deferred amount" means any amount payable in terms of a credit agreement the payment of which is deferred and upon which interest is calculated, or any fee, charge or increased price is payable by reason of the deferment, and |
| (a) | the deferred amount includes: |
| (i) | any obligation of the consumer that is deferred as per section 8(3) and section 8(4) of the Act; |
| (ii) | in respect of incidental credit agreements, |
| (aa) | the amount on which a supplier of goods or services charges interest or a late payment fee, per section 5(2)(a), or |
| (bb) | the lower price in respect of the agreements referred to in section 5(2)(b); |
| (iii) | the amounts referred to in section101 (1)(b) to section 101 (1)(g) inclusive; |
| (iv) | the amounts referred to in section 102(1)(b) to section 102(1)(f); |
| (b) | the deferred amount is reduced by any amount paid towards the settlement of the deferred amount, or an amount credited to the deferred amount, at the time that such payment is made, or credit falls due, and |
| (c) | the date from which an amount becomes part of the deferred amount, is the date upon which such an amount becomes due or may be levied, subject to the limitations specified in the Act and these regulations. |
| (2) | "short term credit transaction" |
| (a) | means a credit transaction |
| (i) | in respect of a deferred amount at inception of the agreement not exceeding R8,000; and |
| (ii) | in terms of which the whole amount is repayable within a period not exceeding 6 months; and |
| (b) | in terms of which an amount of money was disbursed to the consumer, to be utilised at the sole discretion of the consumer, and |
| (c) | includes pawn transactions, |
| (d) | but does not include credit transactions in respect of which the agreement is conditional upon |
| (i) | the amount deferred being paid by the credit provider directly or indirectly to a person or juristic person that is related to the credit provider; or |
| (ii) | the amount deferred being paid by the credit provider to a person or juristic person other than the consumer, except where such condition is introduced by the consumer. |
| (3) | "unsecured credit transaction" means a credit transaction in respect of which the debt is not supported by any pledge or other right in property or suretyship or any other form of personal security other than credit life insurance. |